Property Valuation
An Ohio appraiser's value conclusion is $310,000. Their client (a lender) wants a value of $330,000 to approve the loan. The appraiser should:
AAdjust the value to $330,000 to help the client
BMaintain the $310,000 conclusion — appraiser independence prohibits adjusting values to meet client needs✓ Correct
CAverage the two values at $320,000 as a compromise
DWithdraw from the assignment and refer a less scrupulous appraiser
Explanation
Appraiser independence requires appraisers to form independent value opinions free from pressure. Adjusting a value to meet a lender's target is a serious USPAP and federal law violation (Dodd-Frank).
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
State-Specific Concepts
Continuing Education
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